Ørsted Assumes Full Ownership of Sunrise Wind Offshore Wind Farm
July 10, 2024
Ørsted has completed the acquisition of Eversource’s 50 % share of Sunrise Wind, a 924 MW offshore wind farm located off the coast of New York.
The purchase price at closing to acquire Eversource’s share of Sunrise Wind is $152 million.
At signing in January 2024, the transaction was valued at $230 million, and this revised closing figure reflects adjustments made due to lower actual versus forecast CAPEX spend between signing and closing.
With the closing of the transaction, Ørsted has assumed full ownership of the project, which has all federal permits in place and recently signed an OREC (offshore wind renewable energy certificates) contract with New York’s energy agency, NYSERDA at $146 per MWh for 25 years.
The final investment decision for the project was taken in March 2024.
“Sunrise Wind has been significantly de-risked and achieved important milestones since we agreed with Eversource to buy their share. The transaction is a value-accretive opportunity for Ørsted as we continue to develop the project.
“As a centrepiece of New York’s clean energy economy, Sunrise Wind builds on our momentum from South Fork Wind, further expanding the local offshore wind supply chain and workforce. We thank Eversource for their years of partnership and ongoing support,” said David Hardy, Executive Vice President and CEO of Region Americas at Ørsted.
The project is expected to be operational in 2026.
